BEIJING (Reuters) – The founding father of meals supply big Meituan Dianping (OTC:) will donate shares price about $2.27 billion to his private charity, a inventory trade submitting late on Thursday confirmed, making him the newest Chinese language tech billionaire to make such a gesture.
The donation of shares by Chief Government Wang Xing comes as Meituan and different so-called platform economic system firms have come beneath the scrutiny of China’s anti-trust regulator, which introduced a probe into Meituan in April.
On Thursday, the market regulator warned Meituan and several other different “sharing economic system” firms over opaque pricing practices.
“The adjustments relating to Wang Xing’s curiosity in shares of Meituan characterize a private asset allocation determination that was made out of philanthropic issues,” the corporate stated in an announcement. “This determination doesn’t mirror any adjustments in his dedication to Meituan’s enterprise.”
In March, the founding father of e-commerce big Pinduoduo (NASDAQ:), Colin Huang, introduced he was stepping down as chairman after final yr freely giving 2.37% of his shares, price $1.85 billion.
Final month, ByteDance founder Zhang Yiming introduced he’ll step down as CEO of the TikTok proprietor.
“The timing is a bit delicate,” stated Xie Wen, a former Yahoo China president turned critic of the Chinese language tech sector, including that he doesn’t consider there’s one single motive behind such choices.
“Wang is an individual with a way of social accountability, in accordance with my understanding of him,” he stated.
Wang will convert 57.319 million class A shares into class B shares and switch the category B shares into the Wang Xing Fund, which promotes schooling and scientific analysis.
In April, tech big Tencent, which Reuters has reported faces an antitrust penalty, pledged to speculate 50 billion yuan ($7.81 billion) in environmental and social initiatives.
($1 = 6.4040 renminbi)
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